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“Today the House of Representatives will vote on Speaker Boehner’s short-term plan to raise the debt ceiling. As soon as the House completes its vote, the Senate will move to take up that bill, and it will be defeated tonight. No Democrat will vote for a short-term Band-Aid that would put our economy at risk and put the nation back in this untenable situation a few short months from now.

“Economists have said a short-term deal holds many of the same risks as a technical default. Democrats are not willing to put our economy on the line like that. Our economy and the financial markets desperately need stability. Speaker Boehner’s bill does not provide it. It is time for Tea Party Republicans to stop resisting compromise. They must join Democrats and Republicans of good will in putting the good of our economy ahead of politics.”

As ABC's Jake Tapper said to White House Press Secretary Jay Carney, it "doesn't make any sense" that the White House would rather default than pass a year-long deal.